Hydro, Elkem and Altor finalise transaction to establish Vianode as a leader in sustainable battery materials

According to a partnership announced on April 6, Elkem would retain 40 per cent of Vianode while Hydro and Altor Equity Partners would each purchase 30 per cent. As per the latest reports, the acquisition has received approval from the competition authorities, in which Vianode will have considerable support to quicken the manufacture of new battery materials with a low environmental impact in Europe.

The transaction's completion marks a significant turning point in Vianode's business development. The partners will contribute to the expected NOK 2 billion total costs of funding a first phase plant and making it ready for a prospective full-size facility through the deal. Vianode is anticipating making a decision soon on an investment in a first-phase facility.

This facility will employ about 100 people and generate enough graphite annually to power more than 20,000 EVs. It is anticipated that a possible full-scale operation will add around 300 new jobs to Vianode, raise graphite production to more than 1 million EVs annually, and create more than 1,000 green employment overall.

Vianode was established in 2021 and presently employs about 50 people. To meet the goals of the top battery cell and vehicle manufacturers, Vianode has created a variety of synthetic graphite solutions for batteries with distinctive performance characteristics and manufactured with much fewer CO2 emissions than today's standard materials.